Vedanta Calls Viceroy Report ‘Malicious... Baseless Allegations’ — Read Full Statement

Vedanta Group has dismissed the short-seller report issued by Viceroy Research, calling it a “malicious combination of selective misinformation and baseless allegations” aimed at discrediting the group.

The company said the report was released without any attempt to seek a response from Vedanta and alleged it was created solely to trigger false market sentiment. It claimed the report contains only a compilation of publicly available information, which has been taken out of context and presented in a misleading way to profit from the resulting reaction.

“The timing of the report is suspect and could be to undermine the forthcoming corporate initiatives,” a Vedanta Group spokesperson said in a statement. “Our stakeholders are discerning enough to understand such tactics.”

The statement came after short seller Viceroy Research shorted the debt stack of Vedanta Resources, the parent company and majority owner of Vedanta Ltd., alleging the group structure is financially unsustainable and poses a material risk to creditors.

The US-based short seller's report came ahead of Vedanta's annual general meeting scheduled on Thursday and sent its shares sliding by as much as 6.20% during the day.

Vedanta, in its statement, also pointed to disclaimers included in the report, stating that its authors describe the document as being for educational purposes only and based on opinions rather than verified facts.

The Anil Agarwal-led company said that it remains focused on its business and growth plans and urged investors to avoid speculation and unsubstantiated claims.